• Management Science and Financial Engineering
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• 제21권1호
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• pp.19-24
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• 2015

As decision makers do not make optimal decisions in practice despite the existence of optimal solutions in many models, there has been a rising interest in behavioral operations management recently. In this study, we aim for a comparative study to analyze the inventory decisions in Korea, America, and China, by conducting the same newsvendor experiment in Korea and compare the results with those of previous studies. From the comparative analysis, some national characteristics in decision-making processes have been observed but there is lowly significant difference in order quantities among the three groups. Korean students show lower level of understanding in demand distributions and tendencies of anchoring on the mean demand and being risk-averse. The finding that individuals make their own decisions differently based on their different behaviors suggests that we need to consider individual approach in analyzing human decision-making processes rather than adapting aggregate approach.

• KDI Journal of Economic Policy
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• 제28권1호
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• pp.117-144
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• 2006

본 연구는 기초재고스톡이 고정투자 수요에 미치는 영향을 반영하는 '실질완충효과(real buffer effect)'와 기말재고스톡과 고정투자를 위한 자금조달 원천 사이의 대체효과를 반영하는 '재무적 완충효과(financial buffer effect)'가 존재하는가를 1990~2003년 기간 동안 361개 상장 제조기업 자료를 이용하여 분석하였다. 또한 재고스톡과 고정투자 간의 관계가 외환위기 전 후에 차이가 있는가를 아울러 살펴보았다. 먼저 재고스톡과 고정투자 간의 이론적인 연관성을 Bo(2004)의 논문을 통해 살펴본 후, Dynamic GMM-SYS 방법을 이용하여 재고스톡과 고정투자 사이의 구조적 관계를 검정하였다. 전체 기간 및 기간 구분에 따른 추정결과는 기말재고스톡이 고정투자와 음의 관계를 나타내고 있고, 또한 기초재고스톡이 고정투자와 통계적으로 유의한 음의 관계를 보이고 있음도 확인하였다. 이러한 결과는 두 가지 측면에서 해석이 가능하다. 기업은 예상치 못한 높은 수요에 직면했을 때 재고스톡을 완충장치(buffer)로 이용하고 있을 뿐만 아니라 재고투자를 고정투자를 위한 재원의 대비책으로 보유한다는 것이다. 이러한 결과를 통해서 알 수 있는 것은 기업의 의사결정은 생산 및 재고스톡 조정 그리고 고정투자에 대한 의사결정과 재무적 의사결정이 상호 연관되어 있다는 것이다.

• 산업경영시스템학회지
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• 제6권8호
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• pp.63-71
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• 1983

Aggregate planning coordinate the control variable over long-term to apply a demand variable and forcasting. In order to necessary the goal that doesn't make an inter-contradiction and explicitly defined. We made a considerable point of system approach for scheduling establishment. It include the control variables of aggregate planning : 1) employment 2) over time working and idle time 3) inventory 4) delivery delay S) subcontract 61 long - term facility capacity. Each variables composed of pure strategy as like a decision of inventory level, a change of employment level, etc. md alternative costs make a computation on the economic foundation. But the optimum alternative costs represent the mixed pure strategy. The faults of this method doesn't optimum guarantee a special scheduling as well as increasing a number of alternative combination. Theoretical, Linear Decision Rule make an including all variables, but it is almost impossible for this model to develope actually And also make use of the aggregate planning problem for developing system approach : LDR, heuristic model, Search Decision Rule, all kind of computers, simulation. But these models are very complex, each variables get an extremely inter-dependence. So this study be remained by theory level, some approach methods has not been brought the optimum solution to apply in every cases.

• 한국시뮬레이션학회:학술대회논문집
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• 한국시뮬레이션학회 1999년도 추계학술대회 논문집
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• pp.63-69
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• 1999

The research trend of the simulation optimization has been focused on exploring continuous decision variables. Yet, the research in discrete decision variable area has not been fully studied. A new research trend for optimizing discrete decision variables ha just appeared recently. This study, therefore, deals with a discrete simulation method to get the system evaluation criteria required for designing a complex probabilistic discrete event system and to search the effective and reliable alternatives to satisfy the objective values of the given system through a on-line, single run with the short time period. Finding the alternative, we construct an algorithm which changes values of decision variables and a design alternative by using the stopping algorithm which ends the simulation in a steady state of system. To avoid the loss of data while analyzing the acquired design alternative in the steady state, we provide background for estimation of an auto-regressive model and mean and confidence interval for evaluating correctly the objective function obtained by small amount of output data through simulation with the short time period. In numerical experiment we applied the proposed algorithm to (s, S) inventory system problem with varying Δt value. In case of the (s, S) inventory system, we obtained good design alternative when Δt value is larger than 100.

• 지식경영연구
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• 제20권4호
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• pp.119-129
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• 2019

This paper is aim to test how market orientation is related to the investment decision making. After controlling for firm-specific factors, this study finds a significantly positive relationship between market orientation and R&D expenditures, especially firms with high ratio of intangible assets and low ratio of abnormal inventory assets. Under conditions of low quality of earnings, the negative relation between market orientation and R&D expenditures is enhanced in electronic related industries. This indicates that the relation between market orientation and R&D expenditures may exhibit more reasonable patterns for investment decision of firms in technology driven business environment.

• 대한산업공학회지
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• 제38권2호
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• pp.89-97
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• 2012

This paper considers a manufacturer with a two-station make-to-stock and make-to-order serial production system. The MTS facility produces a single type of component and provides components for the MTO facility that produces customized products. In addition to the internal demand from the MTO facility, the MTS facility faces demands from the spot market with the option of to accept or reject each incoming demand. This paper addresses a joint component inventory rationing and batch production control which maximizes the manufacturer's profit. Using the Markov decision process model, we investigate the structural properties of the optimal inventory rationing and batch production policy, and present two types of heuristics. We implement a numerical experiment to compare the performance of the optimal and heuristic policies and a simulation study to examine the impact of the stochastic process variability on the inventory rationing and batch production control.

• 한국지능시스템학회:학술대회논문집
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• 한국퍼지및지능시스템학회 2001년도 추계학술대회 학술발표 논문집
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• pp.27-30
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• 2001

A inventory management system of the manufacturing industry has a model of different kinds according to the objective and the situation. A inventory management system needs superior system technique in demand forecast, economical efficiency, reliability and application for stable supply of the finished goods, the raw materials and the parts. This paper proposes a demand forecast method based on fuzzy structured neural network, which uses min-operation and trapezoid membership function of fuzzy rules. So we can have an intelligent inventory management system for optimized decision-making of forecasting data with expert's opinion in fuzzy environment. This inventory management system used an intelligence agent and it could be adapted to asystemenvironmentchangeinorder.

• 대한산업공학회지
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• 제2권1호
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• pp.79-83
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• 1976

This paper deals with a computer simulation for the stochastic inventory system in which the decision rules are associated with the problem of forecasting uncertain demand, lead time, and amount of shortages. The model consists of mainly three parts; part I$\cdots$the model calculates the expected demand during lead time through the built-in subrou tine program for random number generator and the probability distribution of the demand, part II$\cdots$the model calculates all the possible expected shortages per lead time period, part III$\cdots$finally the model calculates all the possible total inventory cost over the simulation period. These total inventory costs are compared for searching the optimal inventory cost with the best ordering quantity and reorder point. An application example of the simulation program is given.

• 한국경영과학회지
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• 제35권4호
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• pp.33-53
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• 2010

When purchase prices of a raw material fluctuate over time, the total purchasing cost is mainly affected by reordering time. Existing researches focus on deciding the right time when the demand for each period is replenished at the lowest cost. However, the decision is based on expected future prices which usually turn out to include some error. This discrepancy between expected prices and actual prices deteriorates the performance of inventory models dealing with fluctuating purchase prices. In this paper, we propose a new inventory model which incorporates not only cost but also risk into making up a replenishment schedule to meet each period's demand. For each replenishment schedule, the risk is defined to be the variance of its total cost. By introducing the risk into the objective function, the variability of the total cost can be mitigated, and eventually more stable replenishment schedule will be obtained. According to experimental results from crude oil inventory management, the proposed model showed better performance over other models in respect of variability and cost.

• 한국경영과학회:학술대회논문집
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• 한국경영과학회 2006년도 추계학술대회
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• pp.142-146
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• 2006

This paper considers a SCM issue concerned with an integrated problem of inventory control and dynamic pricing strategies when demands are price and time dependent. The associated price markdowns are conducted for inventory control in a two-layer market consisting of retailer and outlet as in fashion apparel market. The objective function consists of revenue terms (sales revenue and salvage value) and purchasing cost term. Specifically, decisions on price markdowns and order quantity are made to maximize total profit in the supply chain so as to have zero inventory level at the end of the sales horizon. To solve the proposed problem, a gradient method is applied, which shows an optimal decision on both the initial inventory level and the discount pricing policy. Sensitivity analysis is conducted on the demand parameters and the final comments on the practical use of the proposed model are presented.